Announcement of Jilin Chemical Industrial Company Shareholders' Meeting and Change of Director
January 23 2006 - 10:15AM
PR Newswire (US)
JILIN, China, Jan. 23 /Xinhua-PRNewswire/ -- The board of directors
(the "Board") of Jilin Chemical Industrial Company Limited (the
"Company"; NYSE: JCC) announces that Mr. Yu Li will no longer serve
as a director or the Chairman of the Board of the Company,
effective January 23, 2006. Mr. Yu had been a director of the
Company since June 2002. Acting by written consent, on January 23,
2006, the Board of the Company passed resolutions: 1. Consenting
that Mr. Yu Li will no longer serve as director or chairman of the
board of directors of the Company, effective January 23, 2006; 2.
Nominating Mr. Shen Diancheng as director of the Company; 3.
Calling an Extraordinary General Meeting (the "Shareholders'
Meeting") of the Company's Shareholders for March 10, 2006, in
Jilin City, Jilin Province, the People's Republic of China, and
setting February 8, 2006 as the record date for the Shareholders'
Meeting; and 4. Proposing amendments to the Articles of Association
of the Company for consideration by the Shareholders' Meeting, such
amendments reflecting the fact that, upon the delisting of the
Company's H Shares from the Hong Kong Stock Exchange, ADSs from the
New York Stock Exchange and A Shares from the Shenzhen Stock
Exchange, the Company will no longer be a listed company. Mr. Shen
Diancheng, aged 47, a professor-grade senior engineer, is the
general manager and secretary to the branch of the Communist Party
of PetroChina Jilin Petrochemical Branch Company. Mr. Shen
graduated from Daqing Petroleum Institute in 1983. Mr. Shen held
several executive positions, including the deputy director of the
Daqing Chemical Additive Factory, deputy director and acting
director of Daqing Oil Field Chemical Industrial Factory, deputy
general manager of PetroChina Da Qing Refining and Chemical Branch
Company, and general manager and secretary to the branch of the
Communist Party of PetroChina Liaoyang Petrochemical Branch
Company. Mr. Shen has rich experience in the management of
large-scale petrochemical enterprises. The Company is one of the
PRC's largest producers of basic chemical and chemical raw
materials, and one of the PRC's largest diversified chemical
enterprises. Its primary business consists of the production of
petroleum products, petrochemical and organic chemical products,
synthetic rubber products, chemical fertilizers and other chemical
products. This press release does not constitute an offer to
purchase, an offer for sale of or a solicitation of an offer to
sell or purchase any securities in the United States. Securities
may not be offered or sold in the United States absent registration
or an exemption from registration. Investors should carefully read
any filings made by the Company or PetroChina Company Limited in
connection with the offer for shares of the Company, including any
tender offer statement on Schedule TO, transaction statement on
Schedule 13E-3, related solicitation/recommendation statement on
Schedule 14D-9 and any other documents relating to the offer for
the shares of Jilin Chemical Industrial Company Limited, if and
when any such documents, including amendment and exhibits thereto
are filed with the U.S. Securities and Exchange Commission (the
"SEC") because they will contain important information. If and when
filed with the SEC, any such Schedule TO, Schedule 13E-3, Schedule
14D-9 and any related documents will be available free of charge at
the SEC's web site at http://www.sec.gov/. Certain statements
contained in this press release might be viewed as "forward-looking
statements" within the meaning of the U.S. Securities Act of 1933
and the U.S. Securities Exchange Act of 1934. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors, which may cause the performance or financial condition of
the Company to be materially different from any future performance
or financial condition implied by such statements. For further
information, please contact: Jilin Chemical Industrial Company
Limited Mr. Li Chunqing Tel: (86 432) 390 3651 Fax: (86 432) 302
8126 E-mail: Fortune China Public Relations Ltd. Ms. Nellie Chan
Tel: (852) 2838 1162 Fax: (852) 2834 5109 E-mail: DATASOURCE: Jilin
Chemical Industrial Company Limited CONTACT: Mr. Li Chunqing of
Jilin Chemical Industrial Company Limited, +86-432-390-3651, or
fax, +86-432-302-8126, or ; or Ms. Nellie Chan of Fortune China
Public Relations Ltd., +852-2838-1162, or Fax, +852-2834-5109, or
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